Updates, advisories and surprises

CBS.MarketWatch.com

Alliance Gaming sees Q1 loss from cont ops 9c-14c (8:15 PM ET) SAN FRANCISCO (CBS.MW) -- Alliance Gaming Corp.
AGI, -1.23%
said late Thursday that it expects to post a first-quarter loss from continuing operations of 9 cents to 14 cents a share. The Las Vegas-based company said both the games and systems divisions of its Bally Gaming subsidiary contributed to the quarter's weakness, as well as charges related to its CEO transition and staff restructuring costs. The forecast excludes a previously announced charge of 9 cents a share. Alliance said it is also reviewing its annual forecast.

Sonic Innovations warns of Q3 loss, softer sales (7:00 PM ET) SAN FRANCISCO (CBS.MW) -- Sonic Innovations
SNCI, +0.82%
late Thursday warned of a loss and lower-than-expected sales for its third quarter due to weaker sales. Sonic Innovations, which makes digital hearing aids, forecast a loss of 2 cents to 4 cents a share on sales of $22 million to $23 million. Two analysts polled by Thomson First Call currently expect the Salt Lake City-based company to report a profit of 3 cents a share on sales of $24 million.

Lawson Software sees Q2 pro forma breakeven to earns 2c (5:49 PM ET) LOS ANGELES (CBS.MW) -- Lawson Lawson
LWSN
expects its fiscal second-quarter results per share will range from breakeven to earnings of 2 cents before one-time items, Chief Executive Jay Coughlan said during a conference call. Sales are expected to range from $80 million to $83 million. The current average of analysts' estimates calls for earnings of 2 cents a share before items on sales of $85 million, according to a Thomson First Call survey.

AirGate PCS sees Q4 rev $88M-$92M (5:45 PM ET) SAN FRANCISCO (CBS.MW) -- AirGate PCS
PCSA, +0.00%
said after the bell Thursday that it expects fourth-quarter revenue of $88 million to $92 million. Earnings, excluding a $10.9 million item from a settlement with Sprint, will be in a range of $16 million to $18 million. Capital expenditures of the quarter will come to about $4 million.

Tupperware sees higher Q3 earns, sales (5:34 PM ET) SAN FRANCISCO (CBS.MW) -- Tupperware Corp.
TUP, -1.77%
said late Thursday that it expects to report third-quarter earnings between $9.2 million to $10.8 million, or 16 cents to 18 cents per share. The company said it expects sales for the quarter to be higher than last year. Tupperware also said that it will take a fourth-quarter re-engineering charge of $1 million related to job cuts in its U.S. operations. The company estimates full-year earnings of $1.28 to $1.38 per share.

Teekay Shipping hikes quarterly dividend 10% (5:32 PM ET) SAN FRANCISCO (CBS.MW) -- Teekay Shipping
TK, -1.84%
said after the bell Thursday that it will pay a 10 percent higher quarterly dividend of 13.75 cents on Oct. 29. The higher payout is good for shareholders as of Oct. 15.

Winn-Dixie sees no material profit impact from storms (5:26 PM ET) SAN FRANCISCO (CBS.MW) -- Winn-Dixie
WIN, -0.68%
said Thursday after the bell that it has five stores still closed by recent hurricanes but it sees no material profit impact. Exposure to the storm is limited to a $10.3 milion insurance deductible. Overall, the company said its liquidity stands at $453 million as of the end of the first quarter for fiscal-year 2005.

Smith & Wollensky Sept. same-restaurant sales fall (5:19 PM ET) SAN FRANCISCO (CBS.MW) -- Smith & Wollensky Restaurant Group
SWRG
reported third-quarter sales of $24.5 million, up 6 percent from a year ago. Same-restaurant sales dropped 2 percent in the quarter. For the month of September, the company reported same-restaurant sales of $9.2 million, compared with $9.7 million in 2003.

Murphy Oil sees Q3 earns range $1.15-$1.35 (5:00 PM ET) SAN FRANCISCO (CBS.MW) -- Murphy Oil
MUR, -1.01%
said after the bell Thursday that it expects third-quarter earnings from continuing operations of $1.15 to $1.35 a share, which includes a 27-cent gain from an asset sale. Third-quarter dry-hole charges are expected to be $40 million to $60 million while exploration expenses will range from $60 million to $80 million.

WJ Communications sees Q3 rev below estimates (4:44 PM ET) SAN FRANCISCO (CBS.MW) -- WJ Communications
WJCI
late Thursday said that it expects third-quarter revenue of $8.9 million to $9 million, below the Thomson First Call revenue estimate of $10 million; analysts had a range of $9 million to $10 million. The company said that $8.4 million in third-quarter sales will come from the company's RF IC chip business.

Oxford Industries Q1 earns fall on $1.8M charge (4:43 PM ET) SAN FRANCISCO (CBS.MW) -- Oxford Industries
OXM, -0.63%
said Thursday after the bell that first-quarter earnings were $6.2 million, or 36 cents a share, vs. $6.8 million, or 42 cents a share, a year ago. The company said the earnings were affected by a $1.8 million, or 7 cents a share, charge in deferred financing fees to amend its revolving credit agreement. Revenue for the quarter was $264.8 million compared with $242.1 million a year earlier. The retailer said for the second quarter, it anticipates earnings in the range of 48 cents a share to 52 cents a share on sales between $305 million and $315 million. For 2005, Oxford said it remains comfortable with the outlook of earnings between $2.70 a share to $2.85 a share on revenue of roughly $1.29 billion to $1.33 billion.

Research In Motion meets Q2 goals, shares down (4:36 PM ET) SAN FRANCISCO (CBS.MW) -- Research In Motion
RIMM
the maker of the popular BlackBerry wireless device, said it earned a profit of $70.6 million, or 36 cents per share, in its second quarter. Excluding costs associated with patent litigation, RIM earned $88.9 million, or 45 cents per share, two cents better than the 43 cents analysts expected. Quarterly sales rose 147 percent to $310.2 million, matching estimates of $310 million. RIM expects earnings, excluding certain items, in the quarter ending November to be between 50 cents and 55 cents. Revenue is expected to be between $340 million and $360 million. Analysts expected RIM to earn 49 cents on sales of $358 million. Shares of RIM fell 6.3 percent to $71.50 in after-hours action.

NDCHealth swings to loss in Q1 (4:32 PM ET) SAN FRANCISCO (CBS.MW) -- NDCHealth Corp.
NDC
late Thursday swung to a first-quarter loss of $7 million, or 19 cents a share. Last year, it had a profit of $7.4 million, or 21 cents a share. Sales were $108.7 million, up from $103.6 million last year. The company, which provides billing and management software to healthcare clients, forecast second-quarter revenue of $112 million to $117 million and earnings from continuing operations of 4 cents to 8 cents a share.

Renaissance Learning warns of lower Q3, Q4 results (4:16 PM ET) SAN FRANCISCO (CBS.MW) -- Renaissance Learning
RLRN
said late Thursday that it expects to report lower results for the remainder of 2004, citing flat orders. The company forecast third-quarter earnings of 11 cents to 12 cents a share, with a revenue estimate of $25.3 million to $25.8 million. Renaissance Learning said it expects fourth-quarter results to be lower than last year's as well. Shares of the company were halted after the bell.

CORRECT: Lawson Software posts Q1 loss as sales slip (4:15 PM ET) LOS ANGELES (CBS.MW) -- Lawson Software
LWSN
on Thursday reported a fiscal first-quarter net loss of $417,000, down from a year-ago profit of $3.2 million. Sales declined to $82.7 million from $88 million. The company broke even on a per-share basis, compared to earnings of 3 cents a share a year ago. Exluding items, Lawson posted earnings of 1 cent a share, down from 4 cents a share last year. Wall Street analysts had, on average, expected the company would earn 1 cent a share before items on sales of $81.95 million, according to a Thomson First Call survey of six brokerages. (Corrects year-earlier sales figure.)

Ceridian gets extension from lenders, sees restatement (3:21 PM ET) SAN FRANCISCO (CBS.MW) -- Ceridian Corp.
CEN, -2.06%
said Thursday it has received an extension from its lenders to deliver its second-quarter 10-Q without triggering a default. The company also said that, as a result of its ongoing internal review of the capitalization and expensing of certain costs in its human resources soultion unit, it expects it will have to restate its prior financial results and its current forecast.

Humana issues cash-flow outlook in SEC filing (12:03 PM ET) SAN FRANCISCO (CBS.MW) -- Humana Inc.
HUM, +0.58%
said Thursday in a filing with the Securities and Exchange Commission that it expects a 2004 operating cash flow range of $263 million to $313 million and a non-GAAP cash flow range of $475 million to $525 million. The company said that the Centers for Medicare and Medicaid Services is changing its payment timing so that the company will get 11 payments per year, not 12.

Closure Medical revises outlook (11:22 AM ET) NEW YORK CBS.MW) -- Shares of Closure Medical Corp.
CLSR
plummeted almost 35 percent to $12.98. After Wednesday's closing bell, the Raleigh, N.C. manufacturer of biomaterial-based medical devices said it expected earnings per share of 59 to 62 cents, on revenue of $40 to $41 million compared to previously forecasted 65 to 70 cents per share, on revenue of of $45 to $47 million. The company based its revised outlook on lowered revenue expectations for its Dermabond and Band-Aid brand liquid bandage products.

American Land Lease revises 2005 FFO from hurricanes (10:22 AM ET) SAN FRANCISCO (CBS.MW) -- American Land Lease
ANL, +5.97%
said Thursday that its manufactured homes in Florida sustained "limited damage" in Hurricane Jeanne. The company said it does expect an interruption in lease revenue. Due to the recent storms, the company estimates that 20 percent to 25 percent of its home closings that were expected in the third and fourth quarters will be delayed into 2005. Accordingly, American Land Lease has revised its annual funds from operations outlook from a range of $1.40 to $1.60, to a range of $1.45 to $1.55.

Hartford reports storm costs; $49M environmental loss (9:49 AM ET) SAN FRANCISCO (CBS.MW) -- The Hartford
HIG, -0.59%
said late Wednesday that Hurricanes Charley, Frances and Ivan will cause $198 million in after-tax losses and bring third-quarter earnings down to between 85 cents and 95 cents per share. The estimates include reinstatement premiums associated with the firm's reinsurance programs, the company said. Hartford also unveiled a $49 million after-tax loss to increase reserves covering environmental liabilities.

IMF's Rato sees positive situation in global economy (9:38 AM ET) WASHINGTON (CBS.MW) -- There is a positive climate in the global economy, said IMF managing director Rodrigo Rato at a press conference Thursday at the opening of the IMF/World Bank annual meetings. Rato said the challenge for the governments around the world is to keep the recovery going. He said the two challenges facing the world economy are adapting to higher interest rates and weathering the impact of higher oil prices.

Montepelier Re sees storm impact at least $185M (9:24 AM ET) NEW YORK (CBS.MW) -- Montpelier Re Holdings Ltd.
MRH
on Thursday said the estimated combined net negative impact of losses from Hurricanes Charley, Frances, Ivan and Jeanne and Typhoons Songda and Chaba on the company's third-quarter results is expected to be $185-$235 million. The actual impact of losses from the hurricanes and typhoons on the company's third-quarter results "might therefore vary materially from the estimate." Shares fell 47 cents to $36.51 on Wednesday.

Family Dollar Stores Q4 profit falls (9:02 AM ET) NEW YORK (CBS.MW) -- Family Dollar Stores
FDO, +3.36%
reported fourth-quarter net income of $43 million, or 26 cents per share, down from $47.7 million, or 28 cents per share, in the year-ago period. The Matthews, N.C.-based retailer matched the forecast of 26 cents per share in a survey of analysts by Thomson First Call. Sales climbed 9.6 percent to $1.3 billion. The company warned it expects 2005 earnings of $1.59-$1.63 per share, below the current Wall Street forecast of $1.72 per share. Shares fell 44 cents to $27.60 on Wednesday.

Conexant warns of Q4 results shortfall (8:58 AM ET) NEW YORK (CBS.MW) -- Conexant Systems
CNXT, -0.35%
warned that fiscal fourth-quarter results would fall short of expectations as excess inventory in Asia dampened demand. The broadband chip maker now expects a fiscal fourth-quarter loss, excluding special items, of 1 to 2 cents a share, vs. prior forecasts of breakeven to a profit of 2 cents a share. Revenue is expected to be $210 million to $215 million, below the average analyst estimate compiled by Thomson First Call of $250.8 million. The stock was down 8 cents, or 4.8 percent, at $1.60 in Instinet pre-open trading.

Fox-Pitt downgrades First Horizon after earnings warn (8:52 AM ET) NEW YORK (CBS.MW) -- Fox-Pitt Kelton downgraded First Horizon National
FHN, +0.05%
to "underperform" from "in line" on Thursday. The downgrade came a day after the Memphis, Tenn.-based bank lowered its earnings estimate for the third quarter. Shares of First Horizon were unchanged in pre-market trading on Instinet.

XL Capital Ltd Q3, full-year results hit by hurricanes (8:48 AM ET) NEW YORK (CBS.MW) -- XL Capital Ltd
XL, +1.58%
said Thursday it expects the financial impact of Hurricanes Frances and Ivan, along with the previously announced financial impact of Hurricane Charley, will "adversely affect" third-quarter and full-year results, "but will not materially affect" its overall financial condition. The Hamilton, Bermuda insurer said it sees about $220 million in claims from Frances and Ivan, with no estimate of claims yet from Hurricane Jeanne. Separately, the company expects that net claims arising from recent storms in the Pacific will not be significant. Shares fell 20 cents to $72.46 on Wednesday.

Charles River Associates handily beats Q3 target (8:19 AM ET) NEW YORK (CBS.MW) -- Charles River Associates
CRAI, +2.00%
reported third-quarter net income of $5.4 million, or 52 cents per share, compared with $3.4 million, or 34 cents per share last year. Revenue increased 50.2 percent to $74.2 million from $49.4 million as the company absorbed the acquisition of InteCap. The Boston consulting firm was expected to earn 45 cents per share, according to a survey of analysts by Thomson First Call. The company lifted its 2004 earnings per share growth estimate to 30-35 percent, up from its previous outlook of 20-25 percent. Shares rose 71 cents to $34.05 on Wednesday.

Nu Horizons swings to Q2 gain of 7 cents per share (8:16 AM ET) NEW YORK (CBS.MW) - Electronic component maker Nu Horizons Electronics Corp.
NUHC
reported Wednesday second quarter net income of $1.2 million, or 7 cents per share, on sales of $119.2 million. In the same period last year, Nu Horizons lost $623,000, or 4 cents per share from $80 million in sales. Thomson First Call had estimated 8 cents per share gain for the recent quarter. Shares of Nu Horizons gained 29 cents Wednesday to $6.09.

Nortel sets 3,250 job cuts, sees $450 mln charges (7:56 AM ET) LONDON (CBS.MW) -- Canadian telecoms equipment maker Nortel Networks
NT
said it's planning to cut 3,250 jobs as part of its cost-cutting in R&D and administrative operations. The bulk of the cuts, 1,400 jobs, are based in the U.S. Nortel estimates charges of $450 million, with around $220 million related to the job cuts and $230 million related to real estate actions. The group sees cost savings of $500 million next year related to its plans. Finally, Nortel said it obtained a new waiver from Export Development Canada.

Actuant Q4 results top expectations, ups 2005 outlook (7:47 AM ET) NEW YORK (CBS.MW) - Actuant Corp.
ATU, +0.00%
reported fiscal fourth-quarter earnings of $18.3 million, or 75 cents a share, up from $10 million, or 41 cents a share in the same period a year ago. Excluding non-recurring items, such as charges from debt buybacks and earnings from discontinued operations, earnings were 59 cents a share, ahead of the average analyst estimate compiled by Thomson First Call of 51 cents. Revenue rose 27 percent to $187.8 million, topping analyst forecasts of $177.8 million. For fiscal 2005, the diversified industrial company increased its earnings forecast to $2.25 to $2.35 a share from $2.15 to $2.25 a share, and its revenue estimate to $750 million to $775 million from $725 million to $750 million. The stock closed Wednesday up 70 cents at $40.50.

Fresh Del Monte warns of 2004 earnings shortfall (7:36 AM ET) NEW YORK (CBS.MW) -- Fresh Del Monte Produce
FDP, +0.28%
warned that 2004 earnings would miss expectations due to weak banana pricing, lower U.S. melon profitability, high fruit costs in Costa Rica, high commodity costs and the effect of the Florida hurricanes on tomato crops. The fruit and vegetable producer now expects earnings of $2.05 to $2.15 a share vs. prior forecasts of $2.55 to $2.65 a share. The stock closed Wednesday up 8 cents at $26.66.

Chip supplier Entegris sees current quarter sales lower (7:20 AM ET) LONDON (CBS.MW) -- Semiconductor industry supplier Entegris
ENTG, -0.15%
cautioned it expects sales to decline about 10 to 15 percent from its August-ending fourth quarter. "Many OEM and sub-component suppliers to the semiconductor industry have recently announced weakness in the market, a trend confirmed by our customers. Therefore, we believe fiscal 2005 first quarter capital-spending will decline," it said. The board authorized a share repurchase program for up to $25 million. In its fiscal fourth quarter, Entegris said sales rose to $99.5 million, up from $71.5 million in the fiscal 2003 fourth quarter, within its expectations, it said. Net income was $8.9 million, or 12 cents per share, up from $2.3 million, or 3 cents per share a year ago.

Weider Q1 '05 net income up, sees margin pressure (7:18 AM ET) LONDON (CBS.MW) -- Weider Nutrition
WNI, -7.80%
said net income for the first quarter to Aug. 31 was up 68 percent to $3.7 million, or 14 cents per share. Net sales were up to $69.8 million compared to $63.6 million last year. It said: "While we foresee near-term margin pressures due to marketing initiatives as well as other factors, including raw material cost increases, we remain optimistic about the long-term outlook for our company and the industry."

PepsiCo Q3 earns rise, top expectations (7:13 AM ET) NEW YORK (CBS.MW) - PepsiCo
PEP, +0.08%
reported fiscal third-quarter earnings of $1.36 billion, or 79 cents a share, up from 58 cents a share in the same period a year ago. Excluding one-time tax benefits, earnings were 66 cents a share, above the average analyst estimate compiled by Thomson First Call of 65 cents. Revenue rose 6 percent to $7.26 billion, vs. analyst forecasts of $7.24 billion, amid 4 percent growth in total servings of products. The beverage behemoth now sees earnings of $2.35 a share for 2004, including the tax benefit and a consolidation charge. The company said Frito-Lay North America would close 4 manufacturing facilities, affecting about 780 jobs. The stock closed Wednesday unchanged at $48.10.

Micron Tech downgraded following weak Q4 report (7:02 AM ET) NEW YORK (CBS.MW) -- Micron Technology
MU, +1.63%
was downgraded to "buy" from "strong buy" at First Albany after the memory chip maker's fiscal fourth quarter report missed financial targets. Analyst Auguste Richard cut his stock price target to $15 from $18, his fiscal 2005 earnings estimate to 71 cents a share from $1.37 and his revenue forecast to $5.1 billion from $5.6 billion. "While we maintain our fundamental view that higher profitability will accrue to the memory makers over time, we think that the November quarter is the last in a string of sequentially improving quarters for the company and there is no near-term catalyst," Richard said in a note to clients. The stock closed Wednesday down 4 cents at $12.10.

Hellenic Telecom warns, sees job cuts in fixed-line (4:59 AM ET) LONDON (CBS.MW) -- Greek telecoms carrier Hellenic Telecom
OTE, +0.17%
warned a decline in profits from its fixed-line operations will impact group earnings this year. "We are taking measures in many directions to address this situation with the urgency it requires; these measures will include the reorganization of our Greek fixed-line operations and headcount reductions," the carrier said in a statement carried by the London Stock Exchange.

H&M Q3 net after fin. items up 18%, positive on U.S. (2:52 AM ET) LONDON (CBS.MW) -- Swedish retailer Hennes & Mauritz(SE:000010627)said third quarter profit after financial items rose 18 percent to SEK 2.45 billion, with sales rising 14 percent to SEK12.4 billion. H&M recorded its highest gross margin ever in a third quarter, despite a higher level of price-reductions than in the corresponding period last year. The level of stock-in-trade at the opening of the fourth quarter is viewed as good, it added. H&M saw continued "very positive development" in the U.S.

National Grid says pre-tax profits to be slightly ahead (2:21 AM ET) LONDON (CBS.MW) -- National Grid
NGG, +0.66%
(UK:NGT)said pre-tax profit for the first half will be "slightly ahead" of the same period last year. It said group operating profit would be marginally lower than last year as anticipated due to the "the planned year-on-year increase in expenditure on the replacement of U.K. gas mains" and the weaker U.S. dollar.

Inficon warns on third-quarter results (1:37 AM ET) SAN FRANCISCO (CBS.MW) -- Inficon
IFCN, -0.18%
warnedThursday it now expects to report a third-quarter net loss of $800,000 and 34 cents per share, compared to an earlier prediction of a profit of $2.3 million and $1 per share. The Syracuse, N.Y-based software maker attributed the change to a $1.5 million charge for discontinued operations and primarily to delays in expected U.S. government purchases of its chemical identification detector.

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